Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada.
Wicheeda is a 100% owned, BC-based, high quality, open-pit rare earth asset at the pre-feasibility study stage (due in Q2), accessible by road, nearby rail, power, gas, and a major deep sea port. The company has $7m in the bank as of September, and as of August of this year had a resource estimate showing 27.8 million tonnes indicated, 11.1 million inferred.
Today, Defense Metals announced that Ucore Rare Metals Inc. received and tested a Wicheeda mixed rare earth carbonate (MREC) sample at its Kingston, Ontario, RapidSX™ Commercialization and Demonstration Facility. Ucore confirmed that this testing of the MREC material provides determination of its suitability as an MREC product for commercial-scale processing with Ucore’s RapidSX™ technology at Ucore’s currently under development Louisiana Strategic Metals Complex project in Alexandria, Louisiana, and subsequent planned SMCs, including a Canadian facility.
This sample was generated during Defense Metals’ 2023 hydrometallurgical piloting test work performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample from Defense Metal’s wholly-owned Wicheeda Property in British Columbia.
Mike Schrider, P.E., Vice President and Chief Operating Officer of Ucore, stated:
“Our testing of the MREC product was well-received confirmation that the Defense Metals’ Wicheeda project is a source of material that can become a fundamental economic and technical component to Ucore’s plan of developing multiple SMC’s across North America – each with the ability to process a multitude of light and heavy mixed rare earth carbonates and oxides from a vast assortment of original mineralizations. The high-purity, and very specifically – the acceptable spectrum of minor impurities, MREC we received sets the stage for the companies’ continued collaboration during our upcoming NRCan program and specific incorporation into our Louisiana SMC engineering flowsheets.”
Craig Taylor, CEO of Defense Metals, commented:
“We are pleased that Ucore has concluded that our Wicheeda MREC material is well suited for their RapidSX™ technology and commercial-scale REE separation and oxide production plans. Our Wicheeda project is vital in mitigating North American reliance on non-Western rare earth sources, and we look forward to continued progress toward collaborative opportunities with processing partners and strategic partners, such as Ucore, across the developing North American rare earth supply chain.”
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Interim support at $0.225 has been broken leading to the possible retest of support at $0.195. What was once support at $0.225, is now acting as new resistance and you can see that the stock, in recent days, has opened at $0.225 just to see sellers step in.
